How can the government make sure that people save enough money to live on when they are old?
The physical condition of old
people
makes them unable to work; hence
, they need retirement funds in order to provide for their daily needs. The government should take action to ensure the elderly have sufficient money
to live. This
essay will explain how to guarantee these people
have enough cash
to continue their lives.
The way to actualize that idea is by creating a policy to force everyone to separate their small proportion of salary. There should be an automated deduction in their bank account every month. Then
, as time goes by, their funds are eventually enough for their retirement. Moreover
, the government can make the cash
withdrawal policy very strict. For instance
, emergency withdrawal is only allowed if a member of a nuclear family suffers from a medical crisis, and anything that is
not related to primary needs is denied. By doing this
, this
retired group patiently waits until they reach the eligible age. After all is completed, they can cash
out their money
to buy a house, start a small business, or even just save some hard cash
.
However
, the government should not leave the business owner out of this
regulation. There is no guarantee that these people
will have a comfortable life in the future. Then
, they can save their money
simultaneously during the tax payment period. During this
period, they will pay their taxes and deposit their retirement funds at the same time. Next,
a punishment must be employed in order to force them. One common example is to retract their business permission if they don’t deposit the money
.
In conclusion, a mandatory regular deposit can help older people
save for their future. The employee can follow it monthly, and the businessman can follow it quarterly.Submitted by erniwbs on
Unauthorized use and/or duplication of this material without express and written permission from this site’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Writing9 with appropriate and specific direction to the original content.